@THE-EAST-AFRICAN

Tanzania's central bank approves merger of two state-owned banks - 11 months ago, 16 Maý 17:31

Reuters

Tanzania’s central bank said on Wednesday it has approved the merger of two small state banks, Twiga Bancorp and TPB Bank PLC, as part of a plan to improve financial stability and reduce the number of state-run lenders.

The decision is part of a drive to counteract a spike in bad loans since 2015 that has hit bank profits and stifled private sector lending, in turn undermining economic growth.

“We will see more mergers of government-owned banks until we remain with one or just a few banks owned by the government,” deputy Bank of Tanzania governor Bernard Kibesse told a news conference. All “clients, employees, assets and liabilities of Twiga Bancorp will now be transferred to TPB Bank PLC.”

Against failing state institutions

The central bank took control of Twiga Bancorp in October, saying the majority state-owned bank was severely undercapitalised. The decision followed a call by President John Magufuli for action against failing ...
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